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Coincheck crypto exchange review and features

Coincheck crypto exchange review and features

  • 7 March 2022
  • 209 View

Coincheck crypto exchange was founded in 2012 by Koichiro Wada and Yusuke Otsuka and the exchange offers buying, selling, and trading of cryptocurrencies. Headquartered in Japan, Tokyo, Coincheck still holds its own where it originally started.

The platform focuses on providing its users with a simple, easy, and fast experience. Whether you want to buy, sell or trade, you will find it very convenient to access all options. This makes Coincheck an excellent choice for users who are just entering the cryptocurrency industry. The platform is aimed at the Japanese market and is quite restrictive towards international users. It’s available in some countries, but you should check if it’s supported in your country before signing up.

Key features and benefits of Coincheck crypto exchange

Everything you read about the Coincheck crypto exchange above was just a cursory glance. The platform has many other important features that could improve the experience of traders and investors. So, let’s take a look at the main features and benefits that Coincheck offers to its users.

  • Fast crypto buying and selling
  • Easy to use platform
  • Mobile applications available for users
  • Advanced trading system
  • Top altcoins available
  • Separate charts available
  • NFT market available
  • OTC trading enabled
  • Lending made easy
  • Convenient deposits and withdrawals
  • Great security features
  • No taker and maker fees

Negatives & Cons of Coincheck crypto exchange

Looking at the other side of the Coincheck crypto exchange, we found some key things that may not work well for many traders or investors out there. So, check out the Coincheck pros and cons and rate if it is a good idea to go for the exchange.

  • The Japanese yen is the only fiat currency
  • A small number of cryptocurrencies listed
  • Lengthy verification process
  • No live chat support

What services does Coincheck crypto exchange offer?

To make it easier for you to understand, I have compiled all the services and features that the Coincheck crypto exchange offers in a single place. You can take a look below and find out what the exchange offers.

Buy and sell cryptocurrencies quickly: If you have successfully verified your account with Coincheck, then it will be super easy for you to buy and sell cryptocurrencies. All you have to do is log into your account and access your dashboard. There you will find two options, one to buy crypto coins and one to sell crypto coins. No need to tangle yourself in complicated charts when simply buying or selling crypto. You just have to choose the coin you want to buy using fiat currency or exchange it for another cryptocurrency you have in your account.

Buy and sell cryptocurrencies quickly

Easy-to-Use Platform: If you’re fairly new to cryptocurrency investing and trading, you’ll surely want to avoid a complicated crypto exchange. Well, Coincheck crypto exchange has kept this in mind and made their platform and exchange quite easy to use. Every available option on the exchange is separate so you don’t have to waste your time finding things in different categories.

The best thing is, after logging into your account, you can access everything on the left side of the exchange. You can also access the settings from there; you can check your personal information or just visit the support section to solve your questions.

Mobile Applications Available to Users: Smartphones are becoming so advanced that you can run almost anything on them without accessing your laptop or desktop computer. All the things that used to only be possible on computers are now available on phones via app stores or simple browsers. If we talk about the Coincheck crypto exchange, they have also brought accessibility to their users by developing a mobile application.

Coincheck mobile apps are available for Android phones and IOS phones. You can just search for the replacement name in your phone’s app store and it will appear for you to download and use with ease. Apart from that, users can also access charts, perform buy and sell activities and fund their accounts right from the mobile app.

Mobile Applications Available to Users

Advanced Trading System: Yes, Coincheck is undoubtedly a great platform for beginner traders and amateurs due to its user-friendly interface and structure, but what about advanced traders? Do they get special features to make their trading easy and convenient? The simple answer is yes!

Coincheck crypto exchange offers an advanced trading system that anyone on the platform can access. You can place buy or sell orders as you please, taking advantage of the convenience of various features built into the system. Once you access the Tradeview option (the advanced trading system) on the platform, you will see a list of features on the left. Here you can tweak the charts, add indicators, change candlesticks and lines including patterns and do a lot more from there. Users can also choose the timestamp based on their preference for a more comprehensive look at the markets.

Best Altcoins Available: Coincheck crypto exchange may not have a large selection of cryptocurrencies listed on their platform, but they do have the best available for users to trade, buy, and sell. Here are some of the coins you can access at Coincheck: BTC, ETH, BCH, XRP, and LTC. Besides these five, 12 other coins are available, and many of them are among the largest cryptocurrencies based on market capitalization. This is great for new investors who don’t want to take huge risks and want to keep their funds in safer coins. On the other hand, professional investors might lack variety compared to other exchanges.

Separate Charts Available: If you simply want to check market movements for different cryptocurrencies, the Coincheck crypto exchange even has a dedicated section for that. You can just click on the “Charts” section and you will be given the option to access charts of different coins. But remember that the charts you would find on the stock market only contain YEN pairs. You cannot access the exact data of crypto movements according to USD currency.

Separate Charts Available

NFT Market Available: A few years ago, cryptocurrencies experienced a massive boom around the world and suddenly everyone seemed interested. But when we talk about the current generation, NFTs are the new hot topic everyone is talking about.

If you’re wondering what NFTs are, you can think of them as digital works of art created by individuals, brands, corporations, or anyone. NFTs can be bought and sold according to their asking prices and this is what gives them their value. Few crypto exchanges have an NFT market, but Coincheck crypto exchange is one of those that have.

While the NFT market on Coincheck is in its early stages, the platform allows users to explore different NFTs and buy and sell them at will.

NFT Market Available

OTC Trading Enabled: For those looking to trade larger amounts of crypto, Coincheck crypto exchange offers OTC trading. These trades are executed off-exchange to reduce the variance caused by large transactions. It is accessible directly from your account dashboard, but you can only trade a handful of coins this way, which can be frustrating for some traders.

OTC Trading Enabled

Lending Made Easy: If you are willing to lend your crypto assets for some time, you can easily make money with no risk. Coincheck crypto exchange allows its users and traders to lend any type of cryptocurrency on their platform and then earn interest. If you are wondering how much you can earn simply by lending your money, the maximum interest rate is around 5%. The interest rate depends on the coin you lend to the platform.

Also, make sure you read and understand the entire contract before lending your assets to avoid consequences. If not, you may not be able to access your assets as they are locked away at Coincheck.

Convenient deposits and withdrawals: Coincheck crypto exchange supports deposits and withdrawals via credit/debit cards, bank transfers, and cryptocurrency. This gives users a variety of options to deposit or withdraw their funds. Bank transfers can take some time, but crypto transfers and credit/debit cards are the fastest ways to deposit or withdraw funds from the platform.

Great Security Features: The best thing about Coincheck crypto exchange is that all user funds are kept offline in cold wallets. This drastically reduces the chances of anyone stealing them. When we talk about the account security features, the platform has also taken a lot of measures to ensure 100% security and protection. First, users need to verify their email address and phone number to proceed. Later they will have to present their identity documents to verify their identity. Without the whole verification process, users cannot conduct any financial activity on the platform.

Coincheck Fees

Coincheck Deposit Fees

The deposit fee varies depending on the deposit method and amount of money.

Bank transfer: Free

Payment at the supermarket (< 30,000 yen): 770 yen

Payment at supermarket (30,000¥ – 300,000¥): 1018 ¥

Coincheck trading fee

Surprisingly, Coincheck crypto exchange charges 0% from the takers and manufacturers. It is undoubtedly very rare for the platforms to charge a very low fee, but here we are talking about absolutely nothing. In other words, users can enjoy trading with Coincheck without worrying about fees for each open position.

Coincheck fiat withdrawal fees

Users can only withdraw Japanese yen from the Coincheck exchange. The fee is a fixed fee of ¥407 for each transaction, regardless of the amount.

Coincheck crypto exchange Withdrawal Fees

Just like many other crypto exchanges, Coincheck crypto exchange does not have a fixed withdrawal fee for all cryptocurrencies. Each coin has its withdrawal fee, which you can find here.

A very good thing to note here is that Coincheck offers free crypto transfers if you send your crypto coins to another Coincheck user.

Coincheck Security and privacy

Coincheck crypto exchange uses three primary security features to keep wallets safe: two-factor authentication, cold wallet, and system security. Users’ funds are stored offline in secure hot storage, also the platform conducts regular system security audits with multiple information security firms around the world. Additionally, Coincheck requires users to perform two-factor authentication during signup to protect their accounts from malicious third parties.

User verification on the platform takes place in two stages. To deposit up to $500 or withdraw up to $300 per day, users must provide an email address and a valid phone number for verification. Users wishing to transact higher amounts are required to provide personal identification documents such as a government-issued ID, proof of address, and a valid passport. Corporate registrations require similar specs, and users are also required to submit a selfie of one of the executives with ID.

Cold storage, 2-factor authentication, Secure Socket Layer client certificates, hashed passwords (Blowfish). And regular security checks make the exchange relatively secure.

Coincheck Customer service

Coincheck crypto exchange boasts of responsive customer support that takes care of all user queries. The platform offers multi-language support that includes Japanese, English, Chinese, and Indonesian. In addition, it offers support in the form of a “Help Center” with frequently asked questions. There is also an email-based ticketing system to resolve any issues that arise.

Pros and cons of Coincheck

Advantages
  • Immediate purchase and sale possible
  • Advanced trading platform for experienced traders
  • NFT marketplace where you can buy and sell NFTs
  • Crypto loans so you can earn interest
  • Mobile app available
Disadvantage
  • A very limited supply of only 17 cryptocurrencies
  • Japanese Yen is the only supported fiat currency
  • No live chat customer support
Verdict

Coincheck has focused on making the exchange better than ever. And they have found success in their target market of Japan. The exchange is not as convenient for residents outside of Japan as the only fiat currency supported is the Japanese Yen and all charts are traded against JPY. Coincheck crypto exchange can still be a good choice for both novice and experienced traders. If it is available in your country, you can take advantage of the 0% trading fee. And get your hands on some of the most popular coins.


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One response to “Coincheck crypto exchange review and features”

  1. Yanga Jili says:

    Great info about the article

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